23andMe (NASDAQ:ME) stock is rising higher on Tuesday after Credit Suisse weighed in on the personal genomics and biotechnology company.
Credit Suisse analyst Tiago Fauth initiated coverage of ME stock after markets closed on Monday. That coverage starts with an outperform rating. That matches up with other analysts, which have a consensus buy rating for the stock.
To go along with that rating is a price target for ME stock from the Credit Suisse analyst. Fauth set their price target for ME shares to $13 each. That’s above the consensus price target of $12.50 per share for the stock. It also represents a roughly 78% upside over the stock’s closing price on Monday.
So what has Fauth taking such a bullish stance on ME? Here’s a portion of their letter, as collected from TheStreet.com.
“Ultimately, we believe ME’s long-term value creation comes from its database and therapeutics engine, with the Consumer segment helping to support database expansion and contributing on an Adjusted EBITDA basis in 2023 and beyond.”
The new rating for ME is getting it some extra attention from investors today. As of this writing, more than 6 million shares of the stock have changed hands. That’s a hefty increase over the company’s daily average trading volume of about 1.8 million shares.
ME stock was up 13.4% as of Tuesday afternoon but si down 25.5% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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